"我们正加快规划建设苏通GIL直流工程、扬镇交直流改造工程等一批项目建设，将江苏沿海的绿电送 至苏南发达地区。"张文嘉说。 绿电发得出，更要有人用、用得好。电力交易大厅屏幕上，绿电交易数据实时跳动。刚刚过去的2025 年，江苏绿电交易量超210亿千瓦时；自2021年全国绿电交易启动以来，江苏绿电交易量年均增长率达 96%。 交汇点讯 刚刚过去的12月，各项重点项目顺利收官：我国离岸最远海上风电项目在江苏全容量并网， 年发电可超28亿千瓦时；29日，江苏国信大丰85万千瓦海上风电项目全部风机实现并网，标志着江苏海 上风电规模化开发迈上新台阶，进一步巩固江苏在全国海上风电装机容量的领先地位。 经济大省挑大梁，江苏正将滔滔海风转化为澎湃绿电—— 截至2025年底，全省海上风电装机已突破1200万千瓦，绿电交易量年均增长96%、接近翻倍，更通 过"绿电专线"直供园区、赋能企业"出海"。迈步行进在"双碳"赛道上，江苏正把丰富的"海风"资源，转 化为高质量发展的绿色动能。 能源转型的大背景下，风电近年已成为绿色低碳发展的核心赛道，肩负着优化能源结构的重要使命。 从2004年中国第一个风力发电特许权项目——如东一期10万千 ...

Core Insights - The 2026 China International Chemical Equipment Exhibition will take place from June 9 to June 11, 2026, at the Shanghai New International Expo Center, organized by the China Chemical Equipment Association and Zhenwei International Exhibition Group [2] Exhibition Overview - The exhibition is a leading event in the chemical equipment industry in Asia, focusing on cutting-edge technologies and innovations in petrochemicals, fine chemicals, and environmental protection equipment [2] - The theme for this year's exhibition is "Digitalization, Greenization, and Intelligence," with expectations to attract over 1,000 enterprises from 12 countries and regions, covering an exhibition area of 70,000 square meters and attracting more than 100,000 professional visitors [2] Exhibits Range - The exhibition will feature a wide range of products including: 1. Petrochemical equipment such as complete sets of oil and chemical devices and refining technologies [4] 2. Chemical unit equipment for various production processes [4] 3. Environmental protection equipment for wastewater treatment and air pollution control [4] 4. Pumps, valves, pipelines, and related components [4] 5. Automation and instrumentation for chemical processes [4] 6. Safety and emergency firefighting equipment [4] 7. Smart chemical park technologies including IoT and big data services [4] Industry Trends and Opportunities - The exhibition will highlight green chemical equipment, showcasing technologies like catalytic desulfurization and VOCs treatment systems, aligning with China's dual carbon goals [10] - Intelligent solutions will be presented, including micro-reactors and AI-driven process optimization technologies to help companies reduce costs and improve efficiency [10] - The exhibition will cover the entire industrial chain, featuring themes such as heat exchangers, separation filtration, and powder processing [10] Market Growth - The global market for chemical environmental protection equipment is expected to exceed 420 billion yuan by 2026, with China accounting for 38% of this market. The investment intensity in the Yangtze River Delta region is 1.7 times the national average [11] - International participation is significant, with over 10% of exhibitors being foreign companies, providing a platform for technical exchange and cross-border cooperation for domestic enterprises [11]

[Table_ReportType] 行业点评报告 [Table_ReportDate] 2026 年 1 月 5 日 郭雪 环保公用行业联席首席分析师 [T事ab件le：_1Su月mm4ar日y]，国务院印发《固体废物综合治理行动计划》（以下简称《行 动计划》），旨在加强固体废物综合治理，推进美丽中国建设，加快经济社会 发展全面绿色转型。《行动计划》明确了到 2030 年的主要目标，并部署了 推动源头管控和减量、规范收集转运和贮存、提升资源化利用水平、增加无 害化治理能力、实施重点领域专项整治等方面主要任务。 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 行业研究 [Table_Title] 加强固体废物综合治理，提高资源节约集约利 用水平 点评： [Table_Author] [Table_Auth ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The report highlights the dual drivers of improved cash flow in the waste incineration sector due to decreased capital expenditure and accelerated national subsidies [9][10] - The State Council's issuance of the "Solid Waste Comprehensive Treatment Action Plan" is expected to benefit resource recycling and solid waste management industries [15][16] - The report emphasizes the potential for dividend increases in the waste incineration sector, projecting a rise in dividend potential from 114% to 141% due to improved cash flow and subsidy recovery [13][12] Summary by Sections Industry Trends - The environmental protection industry is experiencing a significant increase in cash flow and dividend potential due to reduced capital expenditures and improved national subsidy recovery [9][10] - The waste incineration sector is projected to see a substantial improvement in cash flow, with a notable increase in national subsidy recovery rates [10][11] Key Recommendations - The report recommends focusing on companies such as Huanlan Environment, Longjing Environmental Protection, and Green Power for their dividend potential and growth prospects [3][13] - It also suggests monitoring companies like Weiming Environmental and Sanfeng Environment for their overseas growth strategies [3][13] Policy Tracking - The "Solid Waste Comprehensive Treatment Action Plan" sets clear targets for solid waste utilization by 2030, which is expected to drive growth in the resource recycling sector [15][16] - The report notes that the plan includes measures to improve the commercial model for waste management, which will benefit the industry [16][17] Company Highlights - Longjing Environmental Protection has successfully connected its second phase of the solar storage project in Guyana and delivered its first electric mining truck, marking a significant step in green mining [21][24] - Jingjin Equipment, a leader in filter press manufacturing, is expected to benefit from the recovery in the lithium battery sector and overseas expansion [27][28] Market Performance - The report indicates that the environmental protection sector is poised for growth, driven by increased demand for waste management and recycling solutions [30][31] - The report also highlights the expected recovery in cash flow for water service companies, which could mirror the trends seen in the waste incineration sector [31]

12月26日，山东省属企业科技创新生态建设推进会在济南召开，山东能源集团携"深部煤炭数智化高效 开采成套技术与工程应用"等硬核成果参会，并获评省属企业十大创新成果、"四链"融合优秀案例及首 批创新联合体三大奖项，集中展示"十四五"以来累计投入近350亿元研发资金所取得的阶段性成效。 攻克"卡脖子"难题 面对占全国冲击地压矿井约1/4的生产压力，集团组建"千米深井冲击地压源头防控创新联合体"，由潘 一山院士领衔，面向全国发布两批20个课题榜单，构建系统化防控体系，为深部煤炭安全开采筑牢科 技"防火墙"。 智能化转型领跑行业 截至目前，山东能源已建成46处国家智能化示范煤矿，智能开采产量占比突破90%；岱庄关闭矿井变身 省内首个"地热能+废弃矿井"供暖制冷示范项目；云鼎化工行业大模型入选山东省2025年工业领域"揭榜 挂帅"名单，为工业智能化提供核心引擎。 "十四五"以来，山东能源集团年均研发复合增长率达25%，获国家科技进步奖二等奖3项、省部级科技 奖41项，主持或参与制定国家及行业标准109项。山东能源集团表示，下一步将锚定"双碳"目标，持续 放大科技创新乘数效应，为全省能源保供和绿色低碳高质量发展贡献"山能 ...

| | | | | | | | H色合属状性能 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2026/01/05 | 国贸期货出品 TG 国贸期货 | | | | | | | | | | | | 投资咨询业务资格:证监许可[2012] 31号 | | | | | | | | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | | | | | | | | | 张宝慧 | F0286636 | Z0010820 | | | | | | | | | | 黄志鸿 | F3051824 | Z0015761 | | | | | | | | | | 董子勖 | F03094002 | Z0020036 | | | | | | | | | | 薛夏泽 | F03117750 | Z0022680 | | | | 远月合约收盘价 | RB2610 | HC2610 | 12609 | J2609 | JM2609 | 7000 | | | - 1000 | | | (元 ...

Core Viewpoint - Jiangsu Qingquan Chemical Co., Ltd. (Qingquan) plans to raise 492 million yuan through its IPO on the ChiNext board, with nearly 40% of its revenue coming from non-grain bio-based products, and a comprehensive gross profit margin of 30.22% [2][18]. Group 1: Company Overview - Qingquan is a national-level specialized and innovative "little giant" enterprise focused on the R&D, production, and sales of specialty fine chemicals and high-performance polymer materials [6]. - The company has developed a product system that includes new material monomers, green solvents, pharmaceutical and pesticide intermediates, and specialty polymer materials, widely applied in various sectors such as aerospace, wind power, automotive, electronics, medical devices, chemicals, pharmaceuticals, and pesticides [6]. Group 2: Financial Performance - From 2022 to 2024, Qingquan's revenue increased from 687 million yuan to 797 million yuan, with a compound annual growth rate of approximately 7.5% [21]. - The net profit attributable to the parent company surged from 19.96 million yuan to 91.05 million yuan, a growth of 4.6 times [21]. - The comprehensive gross profit margin improved from 23.65% in 2022 to 30.22% in 2024, indicating strong profitability driven by product structure optimization and cost control [21][22]. Group 3: Product and Market Insights - Qingquan's bio-based products include DTHFP, 2-MeTHF, and CPMK, with 2-MeTHF holding a 19% share of the global market [8][18]. - The global market for 2-MeTHF is projected to reach approximately 137 million USD in 2024, with an annual compound growth rate exceeding 20% from 2023 to 2027 [13]. - The company has established a competitive edge through its high-pressure catalytic hydrogenation technology, which enhances production efficiency and product purity [15][20]. Group 4: Investment and Future Prospects - The IPO proceeds will primarily fund the expansion of bio-based THF production capacity from 400 tons per year to 3,000 tons per year, with an investment of 130 million yuan [23]. - The bio-based materials industry is expected to accelerate from 2025 to 2030, driven by increasing policy pressures such as carbon taxes and ESG considerations [24]. - Qingquan's case illustrates that the key to the industrialization of non-grain bio-based materials lies not only in raw material supply but also in the ability to develop high-value downstream products [25].

Core Insights - The article highlights China's progress towards its "dual carbon" goals, emphasizing the contributions to global green and low-carbon transformation over the past year [1] - The Longi Jiahua base in Jiaxing, Zhejiang, is recognized as the world's first production facility to achieve both "Lighthouse Factory" and "Zero Carbon Factory" certifications, showcasing advanced smart manufacturing capabilities and carbon reduction efforts [1] Group 1: Lighthouse and Zero Carbon Factory - The Longi Jiahua factory is a key player in the global solar photovoltaic industry, producing a solar panel every 12 seconds, primarily driven by AI-powered machinery [1] - The factory itself is certified as a "Zero Carbon Factory," utilizing building materials that generate electricity, effectively functioning as a rooftop power station [1] Group 2: Energy Generation and Emission Reduction - The rooftop area of the Longi Jiahua factory is approximately 150,000 square meters, generating over 20 million kilowatt-hours of electricity annually, which corresponds to a reduction of over 10,000 tons of carbon dioxide and about 600 tons of sulfur dioxide emissions [1] - Compared to traditional rooftop solar power stations, the factory's rooftop features include walkability, strong wind resistance, A-class fire safety, and high-efficiency power generation, making it suitable for widespread application in industrial buildings, airports, exhibition halls, and sports venues [2]

Group 1 - The Zhengzhou Municipal Economic Work Conference emphasizes the "1+7+7+7" work deployment to ensure a strong start for the "14th Five-Year Plan" and high-quality economic development [1][4][5] - Companies in Zhengzhou express encouragement and commitment to align their actions with the conference's directives, focusing on innovation and digital transformation [2][3][6] - The conference highlights the importance of optimizing the business environment, enhancing innovation, and expanding industrial investment to support enterprise development [2][4] Group 2 - Super Fusion Digital Technology Co., Ltd. identifies AI, data, computing power, energy, materials, and biotechnology as core technological factors driving global changes over the next 10-20 years [1] - The company aims to leverage opportunities in computing power, AI, and liquid cooling to develop leading products and solutions, facilitating the application of AI in various industries [1] - AnTuo Bioengineering Co., Ltd. plans to increase R&D investment and focus on key technologies like nucleic acid sequencing and mass spectrometry to upgrade products towards precision diagnostics [3] Group 3 - Zhengzhou Public Utilities Group commits to implementing the conference's spirit by enhancing service capabilities and promoting green transformation across various sectors [4] - The group aims to improve quality and efficiency through technological innovation and digital empowerment, contributing to the city's high-quality development [4] - Zhengzhou Construction Group focuses on participating in urban renewal and infrastructure projects while promoting intelligent and green construction practices [5]

Core Viewpoint - The establishment of the "Lianghekou Power and Computing Integration Demonstration Project" marks a significant step towards building a digital China, integrating data as a key element of the digital economy, and promoting the fusion of the real economy and digital economy [1][22]. Group 1: Project Overview - The Lianghekou project is the first high-altitude rock cave computing center in China, officially launched on December 19, 2025, through a collaboration between Yalongjiang Company and China Telecom Sichuan Branch [4][12]. - The project features six computing cabins located in the construction tunnel of the Lianghekou Hydropower Station, which is situated at an altitude of approximately 2800 meters [6][10]. Group 2: Technical Innovations - The computing cabins are designed to meet stringent requirements for safety, reliability, and stable operating conditions, utilizing the stable geological structure of the tunnel to provide a secure environment for computing equipment [7][11]. - The project achieves a Power Usage Effectiveness (PUE) value of below 1.2, indicating high energy efficiency, with only 0.2 kilowatt-hours used for cooling and lighting per 1.2 kilowatt-hours consumed [11][21]. Group 3: Environmental Impact - The project is closely aligned with green and low-carbon development goals, utilizing green electricity from hydropower to support computing operations, thereby achieving "zero-carbon computing" [8][21]. - The integration of computing power and green energy is expected to enhance the efficiency of energy consumption and contribute to the national "dual carbon" goals [18][22]. Group 4: Applications and Benefits - The computing power provided by the project will support various applications, including artificial intelligence platforms, scientific data processing, and local government digital city construction [16][17]. - The project is part of a larger initiative to develop a comprehensive energy and computing service model, transitioning from an energy supplier to an integrated "energy + computing" service provider [22].